And the only practical mode of obtaining this object here is to keep the actual reserve always in advance of the minimum ‘apprehension’ reserve. First. Notifications see more by Government fixing the rate, at which rupees or see article notes would be supplied click here in exchange for the tender of gold, at the equivalent of 1s. The complete uncertainty as to the degree of responsibility acknowledged by the Bank of England is best illustrated by what has been said by the Bank directors themselves as to the panic of 1866. They would be rather the agents for these bankers in lending upon certain securities which they did not themselves like, or on which they did not feel competent to lend safely. ‘ Very few persons perhaps could have managed to commit so many blunders in so few words. 218, except that for “London” “outside India” would have see article to be substituted. That these loans should only be made at a very high rate of interest. The principal mode in which money is raised by traders is by ‘bills of exchange;’ the estimated certainty of their paying those bills on the day they fall due is the measure of their credit; this website and those who estimate that liability best, the only persons indeed who can estimate it exceedingly well, are the bill brokers. In so far as this opinion demands some new machinery by which on suitable occasions the Government can lend out funds in India herself, the evil which it seeks to remedy is a real one. One of the Rothschilds is on this page the Bank direction, and a foreigner would be apt to think that they were here bankers if any one was.  The cost of sending gold to India depends, however, on complex causes, varying considerably from time to time, and is often a good deal less than ⅛d. In this website matter the experience of 1907–8, when the monetary position in India was easy throughout, may prove, I think, misleading. 0 1 1 1/2 0 1 2 1/2 Iron Bars, British per ton 7 2 6 8 17 6 Pig, No. The question of the use of funds in the Cash Balances would then lapse into the question of see more the this article this page use of funds in the Paper Currency Reserve.